CRISPR Therapeutics (NASDAQ:CRSP) Widens Net Loss To $79.7 Million In Q2 2020

CRISPR Therapeutics (NASDAQ:CRSP) widened its net loss to $79.7 million in Q2 2020 from $53.7 million in Q2 2020. Its collaboration revenue declined to less than $0.1 million in Q2 2020 from $0.3 million in Q2 2019.

Enhances R&D spending to advance hemoglobinopathies program

CRISPR enhanced its R&D expenses to $59.4 million in Q2 2020 to advance hemoglobinopathies program and immune-oncology programs.

CEO of CRISPR, Samarth Kulkarni, said the company is making significant improvements in several ongoing clinical development programs. The company commenced enrollment in its ongoing oncology trials. Smarth said the company recommenced the dosing in its CTX001 study.

CRISPR will report data from the ongoing CTX001 that targets hemoglobinopathies by the end of this year. The company is continuing its programs to fulfill its commitments to the patients despite ongoing coronavirus.

Presents clinical data at EHA

Vertex and CRISPR demonstrated its data from Phase 1/ 2 clinical trial of CTX001 in people with transfusion-dependent beta thalassemia (TDT) at EHA Congress. It also shows the clinical data obtained from CTX001 administered patients with SCD (severe sickle cell disease). CTX001 showed its effectiveness in patients with SCD and relieved them from vaso occlusive crises.

The company, along with its partner – Vertex, received RMAT designation for its CTX001 from the US FDA in May 2020. The US FDA also awarded orphan drug designation for this drug to treat patients with SCD and TDT.

During the immuno-oncology trial, the drug’s efficiency and safety – CTX110 will be assessed to treat patients with refractory or relapsed CD19+ B-cell malignancies. CRISPR will report topline data from this study towards the end of this year.

CRISPR is continuing dosing in patients to find the efficacy and safety of CTX120 to treat refractory or relapsed myeloma.

The public offering of shares

CRISPR commenced a public offering of $325 million worth shares in June 2020. Underwriters have an option to acquire additional shares worth $48.750 million in 30 days at a reduced price. The book-running managers for this offering are Jefferies, BofA Securities, and Goldman Sachs & Co. LLC.

The senior management team of CRISPR will take part in the investor conference in August 2020.